2020 was full of changes for those in the manufacturing and construction sectors, but a few things held steady, even throughout the pandemic. The following five tax breaks are not new, but they can help manufacturers and contractors better manage fiscal uncertainties as they head further into the 2021 tax year. Cost Segregation Studies Cost [...]
ENTERPRISE, AL., April 13, 2021 - Carr, Riggs & Ingram (CRI) has announced a free webinar entitled, "Exit Strategies: Preparing Your Manufacturing Business for Transfer of Ownership," featuring partners from both CRI and CRI Capital Advisors. This webinar will take place on Tuesday, May 11, 2021, at 10:00 a.m. This live session will discuss the [...]
CRI Partner Mike Maxson recently presented along side the Simple Numbers team on April 6, 2021 to a group of clients and individuals looking to further their knowledge of business-related financials. This specific presentation dove into the important and often untold aspects of leadership and the development of key team members in the workplace.
Join CRI Partners Ann Marie Sale and Christy Cardillo for a free webinar on April 29, 2021 on the Employee Retention Credit. Participants will learn how to take advantage of this additional CARES Act benefit available to eligible businesses as reimbursement for "qualifying wages."
By some estimates, about 10,000 workers are retiring every day. Unfortunately, these aging Baby Boomers are taking a significant volume of knowledge with them as they walk out the door. This leaves a huge wake that can’t be filled by Generation X, as they’re much smaller by volume. Many contractors are beginning to view Millennials [...]
If you are caring for a loved one with special needs, you know the costs can be significant. Fortunately, there are important tax opportunities available to you that will help ease the cost associated with extra care. Let’s explore these tax-saving vehicles, credits, and deductions. ABLE Accounts Families should consider investing in an ABLE account, [...]
It’s difficult for contractors to know how they’re performing in the field without true visibility across a project’s entire life cycle. Not having a cohesive picture of risks and issues can lead to busted budgets and lagging schedules. Today, many of them are turning to technology for help. Many high-tech software programs have gone mobile, [...]
Recently, CRI Partner Doug Mims and Jim Pihera, Director of ERM for Atlantic Capital Bank provided an overview of how Enterprise Risk Management (ERM) works in practice and the associated role of internal audit for Kennesaw State University students. The presentation included a real world example of the structure and function of ERM at Atlantic Capital [...]
Many businesses have taken advantage of the Economic Injury Disaster Loan (EIDL) program under the CARES Act since March of 2020. According to the Small Business Administration (SBA), loans totaling $200 billion have been approved for over 3.7 million businesses throughout the United States. The most recent stimulus bill that was signed into law in [...]
The IRS has been busy. On March 1, 2021, they released a 102-page document that answers taxpayer questions about both the Employee Retention Credit (ERC) and the Paycheck Protection Program (PPP). Notice 2021-20 more clearly defines ERC eligibility – something that was sorely needed – but it is noteworthy for another reason: it explains how [...]
On March 29, 2021, the IRS announced that individuals now have until May 17, 2021, to meet specified deadlines that would typically fall on April 15, 2021. This announcement expands the IRS guidance issued earlier in March that extended the federal income tax filing deadline for individuals from April 15, 2021, to May 17, 2021. [...]
On March 17, 2021, CRI Partner Frank Mason spoke to the members of the Greater Gainesville Chamber on the importance of Microsoft Teams in the workplace. Throughout his presentation, Frank outlined the various industry specialty areas, service lines, portfolio companies, and other information about CRI.
Net profits and a positive cash flow often go hand in hand, but not always. Some businesses report profits on the books while struggling to pay their bills each month. For your business to be successful, your management team must prioritize both profits and cash flow. Cash Flow vs. Net Profit It is important to [...]
ENTERPRISE, AL, March 25, 2021 - Carr, Riggs & Ingram (CRI) has announced a free CPE-eligible webinar entitled, "Fiduciary Activities & Leases: A Tale of Two Standards - GASB 84 & 87," featuring CRI partners who serve on the forefront of the governmental accounting industry. This webinar will take place on Tuesday, April 13, 2021, [...]
Recent guidance from the IRS has provided greater flexibility to employee benefit plans that offer health flexible spending accounts (FSAs) or dependent care assistance programs. Several provisions in the Consolidated Appropriations Act, 2020, which was enacted in late December of 2020, gave these plans additional discretion in 2021 and 2022 to adjust their programs to [...]
If a CFO were asked to recount the assurance services that a CPA firm typically provides, he or she would likely recall audits performed under the statements on auditing standards (SAS) as well as reviews, compilations, and preparation engagements performed under the statements on standards for accounting and review services (SSARS). Many of these same [...]
The AICPA's Auditing Standards Board has published new Statements on Auditing Standards (SASs): No. 134 through No. 140. Traditionally, new SASs aren't something the general public needs to understand. However, in this case, these new SASs require broader understanding because there are vital decisions for business leaders who issue financial statements that result from [...]
ENTERPRISE, AL, March 23, 2021 - Carr, Riggs & Ingram (CRI) has announced the third installment of the free webinar series entitled, "Gone Phishing: Assuming Your Role in Incident Response," featuring CRI's Director of IT Audits and Assurance, David Mills, and CRI Partner Tyler Mills. This webinar will take place on Thursday, April 22, 2021, [...]
By now, most not-for-profit organizations have implemented Accounting Standards Update (ASU) 2018-08, Not-for-Profit Entities (Topic 958), Clarifying the Scope and the Accounting Guidance for Contributions Received and Contributions Made. While the ASU was intended to simplify the revenue recognition decision process, many have found it complicated and have struggled to implement it correctly. The ASU [...]
CRI Partner Greg Crabtree recently spoke on March 17, 2021, on the "You're Doing it Wrong" podcast hosted by Mark Henderson Leary. In this discussion about profitability and growth, Greg talks about finding the correct amount of capital needed for a business, learning how to protect your business' money, adjusting marketing efforts to increase sales, [...]
